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| Metrics | Range | Conclusion |
|---|---|---|
| Discount Rate | 11.3% - 10.3% | 10.8% |
| Perpetuity Growth Rate | 0.0% - 0.5% | 0.0% |
| Fair Value | €6.58 - €7.75 | €6.97 |
| Upside | -43.9% - -33.8% | -40.5% |
| Select Revenue and EBITDA Forecast | |||||||
| (EUR in millions) | Input Projections | ||||||
| Fiscal Years Ending | Dec-24 | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | |
| Revenue | 224 | 268 | 358 | 463 | 515 | 637 | |
| % Growth | -21.1% | 19.8% | 33.7% | 29.1% | 11.3% | 23.6% | |
| EBITDA | -25 | 9 | 38 | 58 | 73 | 94 | |
| % of Revenue | -11.2% | 3.4% | 10.6% | 12.6% | 14.3% | 14.7% | |
| Calculation of Free Cash Flow | |||||||
| Projected Unlevered Cash Flow | |||||||
| (EUR in millions) | Dec-25 | Dec-26 | Dec-27 | Dec-28 | Dec-29 | Terminal | |
| EBITDA | 9 | 38 | 58 | 73 | 94 | 94 | |
| Other Income / (Exp) | 0 | 0 | 0 | 0 | 0 | 0 | |
| D&A | (14) | (14) | (18) | (10) | (21) | (20) | |
| EBIT | (5) | 24 | 40 | 63 | 73 | 74 | |
| Pro forma Taxes | 0 | (5) | (9) | (15) | (17) | (17) | |
| NOPAT | (22) | (5) | 18 | 31 | 49 | 56 | 57 |
| Capital Expenditures | (19) | (22) | (19) | (23) | (20) | (21) | (21) |
| NWC Investment | 8 | (6) | (12) | (14) | (7) | (17) | 0 |
| (+) D&A | 4 | 14 | 14 | 18 | 10 | 21 | 20 |
| Free Cash Flow | (29) | (19) | 2 | 12 | 31 | 40 | 56 |
| % Growth | NM | NM | 581% | 158% | 26% | 41% | |